Way too many people are chasing after wholesale real estate deals without a proper understanding of what leads to one.
I get it… After all, you are “one deal away” right?
At least, you need to know about these 3 stages that you must pass through in order to get to closing wholesale real estate deals at scale.
Of course , you can get lucky without these stages but luck and hope can only happen so many times.
STAGE 1 – Data
Collecting and analyzing data is a very important part of any business in the digital era.
It allows you to add predictability to your business especially when you collect the data in bulk.
Property addresses and owners are all data on a public record that you have access to at anytime.
STAGE 2 – Contacts
Once you collect data which will include contact information to the person(s) in control of these prospect properties, the next stage is to initiate some kind of contact with the owners.
You want to pick a channel and a strategy that also allows you to pique their interest first at scale.
STAGE 3 – Leads
Once you successfully generate an interest, a property owner will reach out to you in response to your contact in stage 2.
At that point, you have generated a lead.
So you cannot call it a piece of data like a property address until it has been attached to an actual response
…with an interest to entertain an offer to purchase.
When you drive around town for dollars and collect vacant properties’ addresses, that’s just data.
You would still need to find the contact information of the owner which is still stage 1 and then on to stage 2 which is initiating contact.
When you do that enough, you will increase chances of stage 3; generating leads and then negotiation can start.
All these will happen before you can smell a deal even remotely.
Below is a question for us to address with this lesson…
“I contacted a property owner that said she lost her home in a foreclosure.
When I look up the property address on the tax assessor website, it says she is the owner.
What would you do?
What should be my next move?
The seller is not motivated.
Not sure how to approach creative finance at this point.
[We are not in a hurry to sell. While we have room for a little negotiation, we aren’t desperate to sell. So only $5 or $10K room in negotiation]”
Enjoy the video.
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The author does an excellent job of cutting through much of the real estate wholesaling BS that is prevalent in the market. That is to say while most gurus are teaching what they DO NOT DO, Ola outlines steps of creating value at the center of your marketing. His down to earth delivery just makes sense. He speaks of leveraging technology, the importance of multiple income streams, and an overview of the real estate wholesaling business in the new age of business marketing. For example, he mentions that many people don't even like their family members stopping by unannounced, so how can you expect them to be ultra receptive to a stranger popping up looking to capitalize on a misfortune. Of course that's not how the "Door Knocking" conversation would be framed, but that's exactly what it is. All in all I enjoyed the read and if you plan on making action your focus, you will too.
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This book is amazing and very beneficial. The author is very knowledgeable on the concepts at hand. Definitely a great book to read.
Frequently Asked Question
How do you find wholesale real estate deals?
You can find wholesale properties by target marketing at potentially distressed property owners such as pre-foreclosures, tax delinquency, unwanted inheritances, tired landlord and etc.
Is real estate wholesaling worth it?
Wholesaling real estate is only worth it if you build a marketing machine with consistent lead generation into the pipeline. Closing one deal every other quarter perpetually is not worth it.
How much does it cost to start wholesale real estate?
Just enough to start a direct response marketing operation.
You can start as low as $300 in marketing and overhead expense per month.
How do I get my first wholesale deal?
The first step in wholesaling real estate is to make sure you are well educated in marketing especially in aa digital era.
You have to learn how to get and capture attention of your target market where it is most resourceful and effective.